For the past decade or thereabout; discussions bordering on cryptocurrencies have been generating a lot of attention as well as buzz. Coupled with this, we have seen individuals exhibit a mix of curiosity and optimism while some others have been outrightly skeptical of the new trend of financial system in digital reality.
Two common words you must have frequently read or heard like none other would have been ‘Bitcoin’ and ‘Blockchain’. The cause for the concern on the faces of some (persons) is quite understandable particularly as it relates to Bitcoin. However, the Blockchain technology does give a good ground to be optimistic of having better financial services in the years to come.
It is in this view that I give a resounding YES to one and a definite NO to the other and here is why:
Bitcoin might be gaining rave reviews in some quarters but basing the future of financial services on a technology that is not immune from risk could result in something really devastating. Yes, there’s no denying the fact that Bitcoins have indeed risen in stock. Once upon a time 10,000 Bitcoins were equivalent to US $41 – to price of pizza – but this very moment, the same amount (of Bitcoins) translates to something in excess of US $25 million.
One cannot rule out the fact that financial services companies will not get tempted to embrace Bitcoin technology in the future. This line of thought will not be waved aside when you consider how investors are searching out ICO listings on platforms in the mold of trulycoin and how a number of merchants now accede to accepting Bitcoin as medium of payment.
Nevertheless, Blockchain technology does seem to be a more effective invention that would revolutionize the way financial services are rendered in the nearest future. Already, this technology is being employed to bring about on-time [and quick] verifications as it regards financial transactions. But it is not just about the promptness of running the services; it (Blockchain) ensures that the services are carried out in a cost-effective and transparent – since there is no third-party involved – manner. With the aid of Blockchain technology, financial institutions will be able to access the database in an easier way and this means business will follow a more convenient and quick(er) routine. Also, this technology would be of great significance in the aspects of share trading and smart contracts.
So, from the foregoings; it is alright to confidently say that Blockchain technology will become a critical part of the financial service sector in the days ahead while the possibility for Bitcoin [generating as much impact] remains only a speculation.